[ITB] islamic development bank

[Ihsan Hariadi]

  dari homepage Islamic development Bank: <http:// www.isdb.org>

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  ============= 
  IDB IN BRIEF
  ============= 

  Establishment
  --------------
  The Islamic Development Bank is an             
  international financial institution
  established in pursuance of the Declaration of Intent
  issued by the Conference of Finance Ministers of
  Muslim Countries held in Jeddah in Dhul Q'adah 1393H,
  corresponding to December 1973. The Inaugural Meeting
  of the Board of Governors took place in Rajab 1395H,
  corresponding to July 1975, and the Bank was formally
  opened on 15 Shawwal 1395H corresponding to 20 October
  1975.

  Purpose                                        
  --------
  The purpose of the Bank is to foster the economic
  development and social progress of member countries
  and Muslim communities individually as well as jointly
  in accordance with the principles of Shari'ah i.e.,
  Islamic Law.

  Functions
  ---------
  The functions of the Bank are to participate in equity
  capital and grant loans for productive projects and
  enterprises besides providing financial assistance to
  member countries in other forms for economic and
  social development. The Bank is also required to
  establish and operate special funds for specific
  purposes including a fund for assistance to Muslim
  communities in non-member countries, in addition to
  setting up trust funds.

  The Bank is authorised to accept deposits and  
  to mobilize financial resources through
  Shari'ah compatible modes. It is also charged with the
  responsibility of assisting in the promotion of
  foreign trade, especially in capital goods, among
  member countries; providing technical assistance to
  member countries; and extending training facilities
  for personnel engaged in development activities in
  Muslim countries to conform to the Shari'ah.

  Membership
  ---------                  
  The present membership of the Bank consists of
  53 countries. The basic condition for membership is
  that the prospective member country should be a member
  of the Organization of the Islamic Conference, pay its
  contribution to the capital of the Bank and be willing
  to accept such terms and conditions as may be decided
  upon by the IDB Board of Governors.

  Capital
  -------
  Up to the end of 1412H (June 1992), the authorised
  capital of the Bank was two billion Islamic Dinars.
  Since Muharram 1413H (July 1992), in accordance with a
  Resolution of the Board of Governors, it became six
  billion Islamic Dinars, divided into 600,000 shares
  having a par value of 10,000 Islamic Dinars each. Its
  subscribed capital also became four billion Islamic
  Dinars payable according to specific schedules and in
  freely convertible currency acceptable to the Bank.
  (The value of the Islamic Dinar, which is the
  accounting unit in the Bank, is equivalent to one SDR
  -Special Drawing Right- of the International Monetary
  Fund).

  Head Office and Regional Offices
  --------------------------------
  The Bank's primary Office is in Jeddah in 
  Kingdom of Saudi Arabia. Two regional offices were
  opened in 1994; one in Rabat, Morocco, and the other
  in Kuala Lumpur, Malaysia. In July 1996, the board of
  Executive Directors also approved the establishment of
  an IDB Representative Office at Almaty, Kazakhstan, to
  serve as a link between IDB member countries and
  Center Asian Republics. The office become operational
  in July 1997.

  Financial Year
  -------------
  The Bank's financial year is the lunar Hijra Year.

  Language
  --------
  The official language of the Bank is Arabic, but
  English and French are additionally used as working
  languages.


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